Results of CS-ARDL
| Variables | Coefficient | Z-stats |
|---|---|---|
| Short run | ||
| ΔOFDI | −0.0386** | −2.12 |
| ΔIS | 0.3479** | 2.01 |
| ΔEL | −0.4385* | −1.69 |
| ΔOPEN | −0.2090 | −1.14 |
| ΔUR | −0.5766** | −2.40 |
| ΔEC | 0.4489*** | 2.81 |
| ΔECM (−1) | −0.8324*** | −6.29 |
| Long run | ||
| OFDI | −0.1045** | −2.38 |
| IS | 0.6889*** | 4.78 |
| EL | −1.1343** | −2.12 |
| OPEN | −0.4075 | −1.03 |
| UR | −1.5911*** | −3.62 |
| EC | 1.2399*** | 4.37 |
| Variables | Coefficient | |
|---|---|---|
| −0.0386** | −2.12 | |
| 0.3479** | 2.01 | |
| −0.4385* | −1.69 | |
| −0.2090 | −1.14 | |
| −0.5766** | −2.40 | |
| 0.4489*** | 2.81 | |
| −0.8324*** | −6.29 | |
| OFDI | −0.1045** | −2.38 |
| IS | 0.6889*** | 4.78 |
| EL | −1.1343** | −2.12 |
| OPEN | −0.4075 | −1.03 |
| UR | −1.5911*** | −3.62 |
| EC | 1.2399*** | 4.37 |
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